At 60 years old, Petri Kuoppamäki, a corporate law professor, believes that the easing of EU state subsidies is justified due to increased competition for investments. He sees the European Union at a pivotal point with significant implications for Finnish companies. For Kuoppamäki, a leading competition law researcher in Finland, this presents a delicate situation as the EU undergoes changes in state aid policy and competition law regulations.
The global competition landscape has shifted, with countries like the US and China offering substantial funding to their companies, unlike the EU where state subsidies are predominantly prohibited. However, in response to the changing industrial policy needs and challenges like the coronavirus pandemic, the EU’s state aid regulations have been adapted to accommodate emergency financing for companies.
Kuoppamäki notes that the competition for investments has intensified, especially among smaller economies like Finland which may struggle to compete with larger member states like France and Germany. The need for public funding to support investments in areas like climate change and new technologies is essential, pushing the EU to reconsider its stance on state aid regulations.
While Kuoppamäki appreciates the loosening of interpretation regarding state aid, he also raises concerns about the lack of monitoring over the funding granted by the Commission to various projects and companies. He emphasizes the importance of balancing state subsidies to enable green investments while avoiding distortions in competition.
In conclusion, Kuoppamäki highlights the evolving nature of international competition, the influence of industrial policies, and the need for strategic adjustments in EU state aid regulations to stay competitive globally. Born in 1964, Kuoppamäki has had a distinguished career as a legal professional and academic, contributing significantly to the field of corporate law through his research and teaching. He continues to engage in various intellectual pursuits, from chess and literature to gardening and golf, as he celebrates his 60th birthday on June 16.